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Independent grocers are significant, but under-recognized, contributors to the health of America’s economy. They generate over 1 million jobs and gross billions of dollars in wages and tax revenues and are responsible for 1.2% of the national GDP.
With dining out, traveling, and other discretionary spending off-limits for much of the last 16 months, consumers turned their spending sights elsewhere: their homes. Most of their money was allocated to long-put-off renovations, office additions, and new decks.
If you’re a business owner, at some point you’ve likely asked yourself, “What is a good inventory turnover ratio?” Indeed, it’s one of the most common and essential key performance indicators (KPIs) for businesses. For some other KPIs, check out Sekure’s recent article on the subject. This post provides an overview of inventory turnover and what makes it an important metric.
According to Trueship, return policies influence whether customers make purchases or not. In other words, customers are more likely to purchase items from your brick and mortar or online retail store if returns are possible.
The go-local movement, which was gaining traction even before the pandemic, has built even more momentum over the last year. In fact, many Americans are rebelling against the dominance of online retail behemoths and big-box stores, choosing instead to support the local economy. As a merchant—or even as someone looking to start a new income stream in 2021—this expanding niche is an area worth considering.